Part General instructions - Financial Sector (Collection of Data) (reporting standard) determination No. 96 of 2023 - General instructions

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Reporting Standard GRS 600.0

Supplementary Capital Data: Premiums and Claims

General instructions

Reporting tables

Tables described in this reporting standard list each of the data fields required to be reported. The data fields are listed sequentially in the column order that they will appear in the reported data set. Constraints on the data that can be reported for each field have also been provided.

Any specific combination of values in a table must not appear on more than one row in that table when reported.

Definitions

Terms highlighted in bold italics indicate that the definition is provided in these instructions.

C

Class of business

This is the direct or reinsurance classes of business in accordance with Prudential Standard GPS 001 Definitions (GPS 001.In respect of the ‘Other’ class of business as per GPS 001 for direct business, the Appointed Actuary is required to determine the most appropriate category (i.e. category A, B or C) as per Table 1 of Attachment A in Prudential Standard GPS 115 Capital Adequacy: Insurance Risk Charge (GPS 115) that this business falls within. The choice must be based on the underlying risk characteristics of the business being written. The amounts reported in the Other direct - category A, Other direct - category B or Other direct - category C line items are to follow this basis.For reinsurance business, the classes of business in are to be aggregated by the category and reinsurance type as per Table 2 of Attachment A in GPS 115.

D

Direct business	This refers to insurance business written directly by the reporting insurer in accordance with the direct classes of business in GPS 001.
Direct business or reinsurance business	This is either the direct or reinsurance classes of business written by the reporting insurer, in accordance with GPS 001.direct business andreinsurance business.

F

Fire service levy and other levies imposed by state and territory governments	This is the value of fire service levy or other levies imposed by state and territory governments that was charged as part of written premiums over the reporting period. This excludes amounts collected on behalf of third parties (i.e. government stamp duty and taxes).

Gross accrued premium	This is the value of premiums accrued over the reporting period. This item includes fire service levy and other levies imposed by state and territory governments and excludes amounts collected on behalf of third parties (i.e. government stamp duty and taxes). This item is gross of any associated outwards reinsurance expense incurred.Accrued premium is defined as:Premiums received minus A plus B, where:A equals Premiums in advance at the end of the specified period - Premiums in advance at the start of the specified period; andB equals Unpaid premiums at the end of the specified period – Unpaid premiums at the start of the specified period.Insurers may use approximate methods and may take into account materiality (i.e. whether it would result in a materially different outcome from applying the outlined definition) to report this item.
Gross claims incurred	This is the value of claims incurred over the reporting period. This item is gross of any associated reinsurance recoveries incurred and non-reinsurance recoveries incurred. The basis of this item must reflect the basis used for the GPS 340 outstanding claims liabilities (OCL).Claims incurred is defined as:Claims paid minus A plus B, where:A equals GPS 340 OCL and the start of the period; andB equals GPS 340 OCL at the end of the period.Insurers may use approximate methods and may take into account materiality (i.e. whether it would result in a materially different outcome from applying the outlined definition) to report this item.
Gross claims paid	This is the value of claims paid over the reporting period. This item is gross of any associated reinsurance recoveries received and non-reinsurance recoveries received.It relates to all claims paid on a cashflow basis in the reporting period, regardless of the reporting period in which the claims may have been incurred.
Gross premium received	This is value of premiums received over the reporting period. This item includes fire service levies but excludes other taxes imposed by state and territory governments (e.g. stamp duties). This item is gross of any associated outwards reinsurance expense incurred.It relates to all premiums received on a cashflow basis in the reporting period, regardless of the reporting period in which the premiums may have been accrued.
Gross written premium	This is the amount charged in relation to accepting risk from the insured over the reporting period. This item includes any fire service levy and other levies imposed by state and territory governments and excludes amounts collected on behalf of third parties (i.e. government stamp duty and taxes). This item is gross of any associated outwards reinsurance expense.This includes business sourced through insurance intermediaries such as co-insurance, underwriting pools or joint ventures, or portfolio transfers.
Gross written premium relating to unclosed business	This is the amount charged in relation to accepting risk from the insured over the reporting period related to unclosed business. This item excludes any fire service levy and other levies imposed by state and territory governments and is gross of any associated outwards reinsurance expense.Unclosed business is that which has been accepted by the reporting insurer / reinsurer prior to the balance date but there is insufficient information to fully identify the business.

Gross accrued premium

This is the value of premiums accrued over the reporting period. This item includes fire service levy and other levies imposed by state and territory governments and excludes amounts collected on behalf of third parties (i.e. government stamp duty and taxes). This item is gross of any associated outwards reinsurance expense incurred.Accrued premium is defined as:Premiums received minus A plus B, where:A equals Premiums in advance at the end of the specified period - Premiums in advance at the start of the specified period; andB equals Unpaid premiums at the end of the specified period – Unpaid premiums at the start of the specified period.Insurers may use approximate methods and may take into account materiality (i.e. whether it would result in a materially different outcome from applying the outlined definition) to report this item.

Gross claims incurred

This is the value of claims incurred over the reporting period. This item is gross of any associated reinsurance recoveries incurred and non-reinsurance recoveries incurred. The basis of this item must reflect the basis used for the GPS 340 outstanding claims liabilities (OCL).Claims incurred is defined as:Claims paid minus A plus B, where:A equals GPS 340 OCL and the start of the period; andB equals GPS 340 OCL at the end of the period.Insurers may use approximate methods and may take into account materiality (i.e. whether it would result in a materially different outcome from applying the outlined definition) to report this item.

Gross claims paid

This is the value of claims paid over the reporting period. This item is gross of any associated reinsurance recoveries received and non-reinsurance recoveries received.It relates to all claims paid on a cashflow basis in the reporting period, regardless of the reporting period in which the claims may have been incurred.

Gross premium received

This is value of premiums received over the reporting period. This item includes fire service levies but excludes other taxes imposed by state and territory governments (e.g. stamp duties). This item is gross of any associated outwards reinsurance expense incurred.It relates to all premiums received on a cashflow basis in the reporting period, regardless of the reporting period in which the premiums may have been accrued.

Gross written premium

This is the amount charged in relation to accepting risk from the insured over the reporting period. This item includes any fire service levy and other levies imposed by state and territory governments and excludes amounts collected on behalf of third parties (i.e. government stamp duty and taxes). This item is gross of any associated outwards reinsurance expense.This includes business sourced through insurance intermediaries such as co-insurance, underwriting pools or joint ventures, or portfolio transfers.

Gross written premium relating to unclosed business

This is the amount charged in relation to accepting risk from the insured over the reporting period related to unclosed business. This item excludes any fire service levy and other levies imposed by state and territory governments and is gross of any associated outwards reinsurance expense.Unclosed business is that which has been accepted by the reporting insurer / reinsurer prior to the balance date but there is insufficient information to fully identify the business.

Net accrued premium	This is the value of premiums accrued over the reporting period. This item includes fire service levy and other levies imposed by state and territory governments and excludes amounts collected on behalf of third parties (i.e. government stamp duty and taxes). This item is net of any associated outwards reinsurance expense incurred.The definition of accrued premium is outlined in gross accrued premium.Insurers may use approximate methods and may take into account materiality (i.e. whether it would result in a materially different outcome from applying the outlined definition) to report this item.
Net claims incurred	This is the value of claims incurred over the reporting period. This item is net of any associated reinsurance recoveries incurred and non-reinsurance recoveries incurred. The basis of this item must reflect the basis used for the GPS 340 OCL.The definition of claims incurred is outlined in gross claims incurred.Insurers may use approximate methods and may take into account materiality (i.e. whether it would result in a materially different outcome from applying the outlined definition) to report this item.
Net claims paid	This is the value of claims paid over the reporting period. This item is net of any associated reinsurance recoveries received and non-reinsurance recoveries received.It relates to all claims paid on a cashflow basis in the reporting period, regardless of the reporting period in which the claims may have been incurred.
Net premiums received	This is value of premiums received over the reporting period. This item includes fire service levies but excludes other taxes imposed by state and territory governments (e.g. stamp duties). This item is net of any associated outwards reinsurance expense incurred.It relates to all premiums received on a cashflow basis in the reporting period, regardless of the reporting period in which the premiums may have been accrued.
Non-reinsurance recoveries incurred	This is the value of non-reinsurance recoveries incurred over the reporting period. This must be consistent with the value used to calculate net claims incurred.Insurers may use approximate methods and may take into account materiality (i.e. whether it would result in a materially different outcome from applying the outlined definition) to report this item.
Non-reinsurance recoveries received	This is the value of non-reinsurance recoveries received over the reporting period.This relates to all non-reinsurance recoveries received on a cash flow basis in the reporting period, regardless of the reporting period in which the non-reinsurance recoveries may have been incurred.
Number of risks written	For direct business, report the number of risks written during the relevant period, on a financial year to date basis. Where a policy covers multiple APRA classes of business and the premium is apportioned between these classes, one risk must be reported in each APRA class of business to which premium was allocated. For example, a home and contents policy with a domestic liability component must have premium allocated to both the householders class of business, and the public liability class of business. For this policy, one risk must be reported for the householders class of business (even if this business may be further split internally into building and contents risks), and one risk must be reported for the public liability class of business.

Net accrued premium

This is the value of premiums accrued over the reporting period. This item includes fire service levy and other levies imposed by state and territory governments and excludes amounts collected on behalf of third parties (i.e. government stamp duty and taxes). This item is net of any associated outwards reinsurance expense incurred.The definition of accrued premium is outlined in gross accrued premium.Insurers may use approximate methods and may take into account materiality (i.e. whether it would result in a materially different outcome from applying the outlined definition) to report this item.

Net claims incurred

This is the value of claims incurred over the reporting period. This item is net of any associated reinsurance recoveries incurred and non-reinsurance recoveries incurred. The basis of this item must reflect the basis used for the GPS 340 OCL.The definition of claims incurred is outlined in gross claims incurred.Insurers may use approximate methods and may take into account materiality (i.e. whether it would result in a materially different outcome from applying the outlined definition) to report this item.

Net claims paid

This is the value of claims paid over the reporting period. This item is net of any associated reinsurance recoveries received and non-reinsurance recoveries received.It relates to all claims paid on a cashflow basis in the reporting period, regardless of the reporting period in which the claims may have been incurred.

Net premiums received

This is value of premiums received over the reporting period. This item includes fire service levies but excludes other taxes imposed by state and territory governments (e.g. stamp duties). This item is net of any associated outwards reinsurance expense incurred.It relates to all premiums received on a cashflow basis in the reporting period, regardless of the reporting period in which the premiums may have been accrued.

Non-reinsurance recoveries incurred

This is the value of non-reinsurance recoveries incurred over the reporting period. This must be consistent with the value used to calculate net claims incurred.Insurers may use approximate methods and may take into account materiality (i.e. whether it would result in a materially different outcome from applying the outlined definition) to report this item.

Non-reinsurance recoveries received

This is the value of non-reinsurance recoveries received over the reporting period.This relates to all non-reinsurance recoveries received on a cash flow basis in the reporting period, regardless of the reporting period in which the non-reinsurance recoveries may have been incurred.

Number of risks written

For direct business, report the number of risks written during the relevant period, on a financial year to date basis. Where a policy covers multiple APRA classes of business and the premium is apportioned between these classes, one risk must be reported in each APRA class of business to which premium was allocated. For example, a home and contents policy with a domestic liability component must have premium allocated to both the householders class of business, and the public liability class of business. For this policy, one risk must be reported for the householders class of business (even if this business may be further split internally into building and contents risks), and one risk must be reported for the public liability class of business.

Reinsurance business	This refers to the reinsurance business written by the reporting insurer in accordance with the reinsurance classes of business in GPS 001 and GPS 115. For reinsurance business, the classes of business are to be aggregated by the Category and Reinsurance Type as per Table 2 of Attachment A in GPS 115.
Reinsurance recoveries incurred	This is the value of reinsurance recoveries incurred during the reporting period. This must be consistent with the value used to calculate net claims incurred.Insurers may use approximate methods and may take into account materiality (i.e. whether it would result in a materially different outcome from applying the outlined definition) to report this item.
Reinsurance recoveries received	Report the amount of reinsurance recoveries received over the reporting period.This relates to all reinsurance recoveries received on a cash flow basis in the reporting period, regardless of the reporting period in which the reinsurance recoveries may have been incurred.